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Life insurance

QuestionAnswer
Irrevocable beneficiary beneficiary who cannot be changed without written consent
Revocable beneficiary beneficiary who can be changed by the policyowner
Free look 10-day period to return a policy for a full refund
Grace period time after premium due date before policy lapses
Reinstatement restoring a lapsed policy by meeting insurer requirements
Misstatement of age provision that adjusts benefits to reflect correct age
Incontestabilty provision after 2 years the insurer cannot contest most statements in the application
Entire contract policy and attached application form the full contract
Insuring clause insurer’s promise to pay
Consideration value exchanged between applicant and insurer
Absolute assignment complete transfer of policy rights
Collateral assignment temporary transfer of rights as collateral for a loan
Per capita equal shares to living members of a class
Per stirpes by family branch
Common disaster provision assumes beneficiary died first if both die together under specified conditions
Automatic premium loan uses policy cash value to pay overdue premium to prevent lapse
Exclusion risk specifically not covered by the policy
Created by: Jsmooey
 

 



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